The online operator claims  the application is part of its “expansion strategy,” which is to reach revenue of €600m ($691m) and EBITDA of €100m ($115m) by 2020.

Expanding into regulated markets is appealing to LeoVegas, as it generated 39% of net gaming revenue (NGR) from them during the second quarter of this year.

As Sweden’s gross gaming revenue reached $1.87bn in 2017, it provides the perfect newly re-regulated market for LeoVegas to expand into.

Gustaf Hagman, Group CEO, said: "We believe we have great opportunities to continue gaining market shares in the Swedish market. LeoVegas is a company that operates on several regulated markets and thus has the right tools and knowledge to create sustainable and strong growth."

The operator also stressed regulated markets offer “greater opportunities” as they allow for localised offerings for both marketing and customer experience, something which LeoVegas could potentially deliver on more efficiently than its non-native competitors.

LeoVegas has also pledged to utilise its responsible gaming platform, LeoSafePlay, to help it prove its commitment to comply with the “extensive license requirements” regarding responsible gaming.

Responsible gaming is a focal point of Sweden’s current re-regulation, with licence applicants required to offer self-exclusion, follow stricter consumer protection guidelines, and look after problem gamblers.

Any operator that gains a Swedish license can expect to pay an 18% tax after the new regulations come into place on 1 January 2019.